The engineers believe they have found a fix! As soon as the fix is released I'll let you know! Unfortunately, I wasn't provided a timeline, so stay tuned!

In the meantime, one thing you can do is revert back to 2.0.2 by uninstalling Hangouts or uninstalling updates, turning on "Unknown sources" from Settings -> Security, and installing from the download here. That link is from this Android Police article. Make sure your phone isn't set to auto update or it will bring Hangouts back to the current version.